Since 2001, our team of English-speaking Greek lawyers offers first-rate, timely and reliable legal services to Greek residents, Greek expatriates and foreigners living in Greece or abroad with an eye on Greece. Our focus is to provide our clients with the best possible solutions to their affairs, their interests always coming first. Our legal services are complimented by a network of public notaries, accountants, civil engineers and translators, providing our clients with a complete service at competitive rates. We represent our clients before all Greek civil courts and authorities, monitoring their case and acting accordingly.
Areas of Practice
- Real Estate & Property Management
- Family & Inheritance
- Litigation & Enforcement of Foreign Judgments
- Representation before Greek Authorities
- Greek Citizenship & Residence Permits
- Tax Support Services
News & Publications
New!In accordance to the provisions introduced by article 48 par. 2(c) of Law 4305/2014 (Government Gazette 237 A’ 31-10-2014), the law has been amended as regards the sale of property, which will now take under consideration for the purposes of declaring source of wealth the total sum paid for the property and not the “objective value” as was done in the past.
New! Tax Reform Law 4223/2013 which was ratified in December 2013 introduces as of 1/1/2014 the Uniform Tax on the Ownership of Real Estate Property (EN.F.I.A). It is applied on all land plots whether located within or outside urban planning and irrespective of whether they are supplied with electricity or not. The taxable value of the real estate property on which the tax is imposed is determined according to article 32 of Law 3842/2010. It must be emphasized here, that this determination of the value of real estate property and property rights is exclusive for EN.F.I.A purposes and is not used in order to determine the objective value of real estate property for other capital taxation purposes such as inheritance, donation, parental grants, transfers and so on. The tax due will be equal to the sum of the main tax on each property and the additional tax on the entire value of the taxpayer’s property rights. The difference between the main tax and the additional tax of an individual is that the main tax will be levied on all properties, but the additional tax will be imposed only if the value of all of an individual’s properties exceed EUR 300,000; In that case the additional tax will be due on the value of the individual’s properties that exceed EUR 300,000.
January 2014 Law 4223/2013 which takes effect starting 1st January 2014 amends provisions of the existing Income Tax Code and makes important changes to taxation of property, transfers and income. One most welcome and significant change is the reduction in property transfer tax from 10% to 3%. This should give a much needed boost to the property market. Other important changes are:
- the imposition of a capital gain tax on sellers.
- the obligation of sellers of property to produce additional documents in order to certify that the property is in good standing thus making transactions safer and more efficient.
- the obligation of buyers to prove the legal origin of money for any investment in Greece (this applies for the acquisition of property, shares and so on).
Within the year further amendments are expected related to the establishment of a new tax scale for gift/parental donations and inheritances. October 2013 The Greek government is planning to reduce the property transfer tax which is 8-10% at the moment in order to harmonize its rate with the European Union. This will boost activity in the property market which is rather sluggish right now. The new lower rates will most probably take effect starting from 1st January 2014. August 2013 Residence Permit by Acquisition of Real Estate in Greece Article 6 par.2 of Law 4146/2013 has been integrated into the existing law, more specifically article 36 A of Law 3386/2005, under which a foreigner can obtain a residence permit in Greece for five (5) years if the following conditions are met :
- he/she has legally entered the country,
- has full ownership or has leased for a minimum of ten years immobile property in Greece and
- the value of the property (or the total rent in case of leasing) is minimum €250,000.
The foreigner can own/lease the property in his/her name or through a legal entity whose shares are wholly owned by him/her. The permit can be renewed for the same duration (five years) if the property is still owned/leased by the foreigner or by the entity he/she owns. Members of his/her family have the right to obtain residence permit for the same period of time. Foreigners that have obtained the permit in virtue of the above article do not have the right to employment of any type in Greece and the period of time they spend in Greece is not taken into account for the acquisition of citizenship. Related link: http://www.mfa.gr/missionsabroad/images/stories/missions/saudi-arabia/docs/permit_investors_en.pdf